An oil painting by the legendary Indian artist Raja Ravi Varma, titled Yashoda and Krishna, fetched ₹167.2 crore at the Saffronart spring auction on April 1, setting a new record as the most expensive Indian painting ever sold at auction. The sale exceeded the previous record by ₹49.2 crore, marking a rise of over 40 percent.
The painting was acquired by Cyrus S. Poonawalla, founder and managing director of the Pune-based Serum Institute of India.
Who is Cyrus S. Poonawalla?
Dr Poonawalla established the Serum Institute in 1966 and grew it into the world’s largest vaccine manufacturer. Recognised as the 46th-richest person globally, he was also named the richest healthcare billionaire by the Hurun Global Rich List 2023. In October 2024, Forbes ranked Poonawalla and his family ninth among India’s 100 richest tycoons, with a net worth of $22.1 billion, while the Hurun Rich List 2026 placed them fourth in India.
Poonawalla holds an honorary Doctor of Science degree from the University of Oxford, which is constructing the Cyrus Poonawalla Vaccines Research Building. The Serum Institute’s Covishield vaccine, developed with AstraZeneca and Oxford University, was India’s most widely administered vaccine during the pandemic.
For his contributions to medicine, Poonawalla received the Padma Shri in 2005 and the Padma Bhushan in 2022. His son, Adar Poonawalla, serves as CEO of the Serum Institute and co-owns Karan Johar’s Dharma Productions. Adar is married to socialite and fashion figure Natasha Poonawalla.
About Yashoda and Krishna
The painting, created in the 1890s, measures 35 by 28.25 inches and bears Raja Ravi Varma’s signature. Ashish Anand, MD and CEO of DAG (formerly Delhi Art Gallery), called the sale “a defining moment for the Indian art market.” He likened Yashoda and Krishna to iconic mother-and-child imagery such as Madonna and Christ, dubbing it the “Mona Lisa of Indian art.” The painting more than doubled its lower estimate of ₹80 crore, exceeding it by ₹87.2 crore—an increase of over 100%.
Cyrus Poonawalla said in a statement, “I am privileged to have the opportunity to acquire, preserve, and care for the iconic Raja Ravi Varma painting Yashoda and Krishna. This national treasure deserves to be made available for public viewing periodically, and it will be my endeavour to facilitate this going forward.”
